Half of Gulf expats have not changed their retirement plans as a result of the global econ-omic crisis, according to research carried out by a global insurance and investment firm.

The researchers asked local expats in the UAE and Bahrain if the downturn had made them think differently about their future earning plans and 22 per cent said they are now paying more contributions into their pension schemes.

“These results are at odds with the popular perception that people in the GCC don’t save or won’t be saving due to the financial impact. It is also quite telling that, year on year, the use of financial advisors is up across the board with double the amount in UAE and Bahrain getting independent advice. Our goal is to help people prepare for life after work and we are delighted to see that expats in the Gulf are taking a measured approach,” Carlos Sabugueiro, managing director of Zurich International Life said of the research findings.

A similar poll was done in Hong Kong, whereby research revealed that 95 per cent of local residents now cite topping up their retirement fund as the most popular avenue for investment. Savings, especially for children’s education is the number one priority in Dubai, while residential property remains the main priority in Bahrain.

On a much more pessimistic note, one in three of those surveyed said they were feeling less confident about having sufficient funds for their retirement.

“The credit crunch, higher costs of living and a need to provide a sound education for the younger generation means that the need to start saving for retirement isn’t being taken lightly. People must take the responsibility to plan adequately for their future, particularly when they are providing for family, so, seeking professional advice and savings products that provide high returns but also flexibility to meet the needs of changing lifestyles is imperative,” said Andrew Robinson, regional director of Zurich International Life.

The research also revealed that 71 per cent in those in the UAE now feel it is important to have Takaful products available as part of the investment package.

The Zurich Wealth Monitor targeted male and female Arab and non-Arab expats in the UAE and Bahrain, who are aged over 20 years old and who are earning at least $2,100 per month.